Key Insights:
- CoinShares becomes the 8th firm to file for a Solana ETF, signaling rising institutional demand for SOL exposure.
- Solana price trades at $156.81 with 73% surge in trading volume and rising open interest, suggesting trend continuation.
- Long/short ratios on Binance and OKX are above 1.93, indicating strong bullish positioning across major exchanges.
The Solana price gained momentum after CoinShares filed for a Solana exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission. The move followed filings from Bitwise, Grayscale, and others that included staking disclosures. With growing institutional interest and strengthening technical data, traders now question whether the Solana price could reach $170 soon.
CoinShares Files for Solana ETF, Joins Leading Asset Managers
CoinShares has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a Solana exchange-traded fund (ETF). The fund aims to give institutional investors exposure to SOL, Solana’s native token, without requiring direct ownership. This filing makes CoinShares the eighth firm to seek approval for a Solana ETF.
The SEC approval process is expected to begin once a 19b-4 form is submitted. This filing follows recent updates from other asset managers like Bitwise, Grayscale, Franklin Templeton, and Canary Capital, who amended their S-1 forms to include staking. Fidelity also filed an S-1 on the same day, while Invesco may soon follow, having registered the “Invesco Galaxy Solana ETF” in Delaware.
Bloomberg analyst James Seyffart stated that approval may come within the next month, noting that the SEC has already requested changes from issuers. Seyffart and Eric Balchunas added that early action might help the SEC stay ahead of firms such as Rex-Osprey, which are pursuing alternative launch strategies.
Solana Price Maintains Momentum With Derivatives Backing Trend
The Solana price is currently trading at $156.81, maintaining its upward trend as derivatives data reflects growing market interest. Trading volume surged by 73.09% to $16.70 billion, indicating stronger participation and possible reactions to recent ETF filings. Open interest also rose by 4.96% to $6.81 billion, showing that new positions are being added instead of closed.
Options volume declined by 26.81% to $1.23 million, yet options open interest increased by 12.71% to $5.02 million. This suggests traders are holding or rolling forward existing contracts, likely anticipating further movement in solana price.
The long/short ratio across exchanges stands at 1.0129, signaling a balanced sentiment. However, Binance and OKX report ratios around 1.93, while top traders show ratios above 2.1, pointing to bullish sentiment among larger investors.
Liquidation data reveals shorts are being liquidated at nearly twice the rate of longs over 24 hours, supporting the idea that Solana price momentum is catching bearish traders off guard.
Solana Price Shows Signs of Breakout as Key Indicators Strengthen
Solana price is trading at 156.81$ on the 4-hour chart. Recently it traded within the range of $154.69-157.83 in an attempt to overcome an earlier trend. The resistance at the level of 157-160 already can be seen, which prevented upward movement so far. A close beyond this zone may propel the Solana price to the $165 to the 170 mark.
There are technical indicators that favour a breakout. The MACD has bullish crossover meaning that the MACD line is greater than signal line and histogram is positive. This would indicate the rise of bullish movement. Moreover, the RSI is 62.38, which is above the 50 is neutral range but not yet in the overbought territory, and something can be on the upside.
The price structure is presenting the shape similar to a two bottom pattern or round bottom, developed in the first part of June. This position may be leading to a change in trend in case of increased volume. The major position is sustained at $150-$152.
Provided that the price of solana exceeds the level of $158 convincingly, it can mark a change in trend. Failure in overcoming resistance may however result in minor pullback to the support levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.